成立至今再保险公司累积回报率排行榜：德国通用再保险、中再寿险和慕尼黑再保险累积回报率超过200%！

Core Viewpoint - The reinsurance industry has shown significant cumulative return rates, with notable companies achieving over 200% cumulative returns since their establishment, indicating strong profitability and shareholder value creation [1][4][19]. Summary by Sections Cumulative Return Rate Definition - Cumulative return rate is defined as: (Net assets at year-end - Total shareholder capital + Total dividends paid) / Total shareholder capital at year-end * 100% [9][12]. - This metric reflects the ratio of cumulative profits to total shareholder investments since the company's inception [1]. Industry Performance (2017-2024) - The reinsurance industry generated a net profit of approximately 31.9 billion yuan during the period from 2017 to 2024 [10]. - By the end of 2024, the total shareholder capital in the reinsurance sector was about 63.3 billion yuan, with total net assets reaching approximately 105.9 billion yuan [12]. - Cumulative dividends paid by the industry amounted to 11.4 billion yuan, with a record high of 2.77 billion yuan in dividends for 2024 [12][14]. Cumulative Return Rates - The cumulative return rate for the reinsurance industry in 2024 was reported at 85.3%, with an annualized return rate of 8.0% [14]. - Excluding the impact of Zhongnong Re, the cumulative return rate would have been 115.0%, with an annualized return of 10.0% [5][16]. Company Rankings - Among 15 reinsurance companies, five achieved cumulative return rates exceeding 100%, with the highest being 803% for Deutsche Allgemeine Rückversicherung [19][27]. - The average cumulative return rate for these companies was 109.8%, with a median of 24.9% [17][23]. Dividend Distribution - In 2024, six reinsurance companies distributed dividends, marking the highest number of dividend-paying companies in the past eight years [4][13]. - China Re Life Insurance led in cumulative dividends with 5.13 billion yuan, followed by China Re Property & Casualty with 3.33 billion yuan [13]. Recent Trends - The cumulative profitability efficiency of the reinsurance industry has been declining in recent years, primarily due to increased shareholder investments, which rose by 16.1 billion yuan, leading to a nearly 40% increase in total shareholder capital [15][16].